A record of some of the more choice quotes from the era of the Irish Property Bubble.

"Every age has its peculiar folly: Some scheme, project, or fantasy into which it plunges, spurred on by the love of gain, the necessity of excitement, or the force of imitation.
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one!"

Wednesday, January 13, 2010

Irish Auctioneers & Valuers Institute

IAVI president Robert Ganly commented: "Overall, I would say to people that the market is beginning to stabilise. The worst is over."He said that the absence of further rises in interest rates and the reformed stamp duty regime to provide some support, alongside "strong latent demand from young couples who put off purchasing in 2007".While prices would continue to fall in 2008, "this levelling off should begin to reverse itself in early 2009, and we would hope to see the property market growing again some time during that year".

These annual results are in line with our expectations for 2009 and consistent with our belief that the average residential property values would decline 40-50 per cent from peak to trough,” commented IAVI president Aine Myler. “The survey results indicate that the market floor is close, if we have not reached it already.